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Indonesia Enlists Central Bank to Backstop Government Sukuk Sales in Effort to Fund Additional COVID-19 Spending

The Central Bank of Indonesia participated in domestic government long-term sukuk sales this week following a rule change that allows it to directly access the securities through primary auctions. The move enables Bank Indonesia to backstop domestic sukuk sales as the government seeks to raise additional funding to help tackle the COVID-19 pandemic.

24 Apr 2020

Global Remittances Will See 20% Drop Amid Pandemic – World Bank Group

Falling wages and rising unemployment among migrant workers will lead to the sharpest drop in recent history, according to the Group’s report.

24 Apr 2020

UN PRI Seeing Mexico, Chile and Other LAC Governments’ Bolstering Commitments to Sustainable Investing

The UN Principles for Responsible Investment (PRI) is a global initiative that promotes responsible investment. Bonds & Loans spoke to Eduardo Atehortua, the Director of PRI for Latin America, about promoting sustainable investing among the region’s governments, the challenges associated with the “social” part of ESG in Latin America, and whether ESG-linked securities will prove to be among the…

23 Apr 2020

Turkey’s Central Bank Cuts Rates More than Expected, Raising Concerns Over FX-Denominated Debt

Turkey’s Central Bank cut the policy rate by a full percentage point to 8.75% this week in a bid to lower the cost of domestic borrowing, but analysts warn the move could pile additional pressure on the country’s corporate sector by making it harder to pay back foreign currency debt.

23 Apr 2020

Bank of Mexico Cuts Rate by 50bp as Economic Growth Forecasts Continue to Sour

Further rate cuts are expected in Mexico after growth forecasts are revised down again, while the benchmark rate is now forecast to be just 4.75% by end of the year.

23 Apr 2020

GCC States’ Deficits Set to Rise Sharply Due to Pandemic Disruption - Fitch

The twin shock of coronavirus and plummeting oil prices have put the brakes on global growth. Combined with widespread outflows, a strengthening US dollar and a global recession, emerging markets face an unprecedented flurry of headwinds. According to a recent report from Fitch, weaker rated GCC sovereigns may be vulnerable to a downgrade in the current market conditions.

23 Apr 2020

IMF Approves USD274mn Support Package to Paraguay

The IMF’s Executive Board has approved a USD274mn emergency support package for immediate disbursement to Paraguay in order to alleviate the economic shock caused by COVID-19.

23 Apr 2020

Emerging Market Corporate Debt Slower to Recover than DM Bonds After Liquidity Crunch

Among the highest capital outflows on record from emerging economies resulted in huge liquidity shortages and price corrections, but the recovery is taking longer than some hoped.

22 Apr 2020

Celsia Taps Local Markets with a COP200bn Dual-Tranche Bond

The company – one of the most prolific and well-recognised issuers in the energy sector – came to market at a difficult time, but successfully secured 3.6x oversubscription on the new notes, with proceeds going to a bond buyback.

22 Apr 2020

Land Bank Potentially Triggers Default

South African government-owned Land Bank may have triggered a default under the terms of its ZAR30bn domestic medium-term note (DMTN) programme after failing to make a payment on a revolving credit facility (RCF), despite previously reporting a strong liquidity profile.

22 Apr 2020